FS Italiane: Fitch affirms offer for Alitalia does not affect rating

Rome, 7th November 2018
Fitch released today a report saying that FS Italiane’s potential acquisition of Alitalia does not immediately affect the rating of FS Italiane (“BBB”). Fitch considers that the acquisition of a majority stake of Alitalia by FS Italiane could erode the financial headroom for FS Italiane’s “BBB” stand-alone rating, now equal to the whole Issuer Default Rating.

The agency affirms the full impact on FS Italiane’s standalone credit profile will depend on the nature and terms of the deal and whether it supports a turnaround in Alitalia’s financial performance. However, the comprehensive assessment by the agency to determine the Issuer Default Rating – the report says – would include whether any pressure on the standalone rating could be offset by a stronger assessment of state linkages with, or the government's willingness to support, an enlarged FS Italiane group.
Following the link to the official press release of Fitch:https://www.fitchratings.com/site/pr/10051005


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